This afternoon from 4 to 5 o'clock, over 23 billion worth of year-end options are set to be settled. We need to consider what this might mean.

In the past two weeks, BTC has been firmly stuck in the 85-90 range, unable to break through 90,000. Is it possible that this is due to expectations of the options settlement, causing market makers to lock in positions and manage risk in advance? This is just a speculation, but based on the timing and price movements, it does seem to make some sense.

Another phenomenon is that recent market liquidity has indeed been poor. Under these conditions, once the options settlement is complete, market makers will inevitably release some liquidity to adjust their positions. This could cause significant volatility in BTC—either a breakout upward or a short-term pullback. In any case, it won't be calm.

So, this time window is worth paying close attention to, as it might be a turning point in the market.